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International Finance Discussion Papers: A Guide to Frb/Global (in English)
United States Federal Reserve Board
(Author)
·
Andrew T. Levin
(Author)
·
Bibliogov
· Paperback
International Finance Discussion Papers: A Guide to Frb/Global (in English) - Levin, Andrew T. ; United States Federal Reserve Board ; Et Al
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Synopsis "International Finance Discussion Papers: A Guide to Frb/Global (in English)"
This paper describes the structure and illustrates the key features of FRB/Global, a large-scale macroeconomic model used in analyzing exogenous shocks and alternative policy responses in foreign economies and in examining the impact of these external shocks on the U.S. economy. FRB/Global imposes fiscal and national solvency constraints and utilizes error-correction mechanisms in the behavioral equations to ensure the long-run stability of the model. In FRB/Global, expectations play an important role in determining financial market variables and domestic expenditures. Simulations can be performed using either limited-information ("adaptive") or model-consistent ("rational") expectations.
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The book is written in English.
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